Apple Revenue, 2020

Apple reported $274.5 billion in revenue for fiscal year 2020, up 5.5% from the $260.2 billion they reported for 2019. They reported a net income of $57.4 billion for the year, after $217.1 billion in expenses.

Of Apple’s revenue, $220.7 billion came from the sale of devices – 80.4% of Apple’s total revenue for the year. $137.8 billion of that came from iPhone sales alone, comprising a full half of Apple’s revenue. The rest includes $28.6 billion in Mac sales, $23.7 billion in iPads, and $30.6 billion in other hardware, such as wearables and smarthome devices.

The remaining $53.8 billion in revenue came from services, such as the App Store, Apple Music, and iCloud. This category grew $7.6 billion from 2019, making it the highest growth area for Apple in 2020.

Apple’s $217.1 billion in expenses for 2020 includes $169.6 billion in total cost of sales, leaving a gross margin of $105 billion. They reported $38.7 billion in operating expenses, including $18.8 billion spent on research and development, as well as $20 billion spent on other administrative expenses. Finally, they provisioned $9.8 billion for income taxes.

You can read more in Apple’s full earnings report for Q4 2020.

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